RE:Interesting release...
On November 7, 2013, the company closed a non‐brokered private placement which raised gross proceeds of $3,150,000 by issuing 21,000,000 units to investors at a price of $0.15 per Unit. Each Unit consists of one common share in the capital of the Company and one non‐transferable common share purchase warrant. Each whole Warrant entitles the purchaser to purchase one additional common share in the capital of the Company until November 7, 2015 at a price of $0.20 per Warrant Share. The company will utilize the proceeds of the Private Placement to provide working capital to develop the Company's strategic initiatives in a number of areas, specifically: Canadian and USA sales and marketing expansion Launch of patented next generation Theralase TLC‐2000 therapeutic laser in 3Q2014 Completion of patented bladder cancer technology preclinical investigation and commencement of Phase 1/2a clinical study in 4Q2014 As a condition of closing, the Chairman of the Board of the Corporation was required to sell 8,000,000 common shares to third parties following which he ceased to be a “Control Person”, as defined under Canadian securities laws.